VRX Silica Limited (ASX: $VRX) has withdrawn its original pro-rata renounceable entitlement offer and introduced a new entitlement offer to raise approximately $2.46 million. The new offer, underwritten by Canaccord Genuity (Australia) Limited, will provide eligible shareholders with 1 new share for every 13 shares held, along with 1 free attaching option for every 2 shares issued.
The decision to withdraw the original entitlement offer and introduce a new one was made in response to the challenging equity capital market for junior exploration companies and a consecutive closing share price floor being triggered under the underwriting agreement with Canaccord. The Board believes the new entitlement offer provides the Company with enhanced prospects of successful completion.
VRX Silica Limited (ASX: $VRX) has restructured its entitlement offer, reducing the offer price to $0.055 to raise approximately $2.46 million. The decision to withdraw the original offer and introduce a new one, underwritten by Canaccord, reflects the Company's proactive approach to navigate the challenging equity capital market. The funds raised will be directed towards the Company's Muchea project, Arrowsmith North project, VDT trials, environmental follow-up, working capital, and offer expenses. The new offer presents an opportunity for eligible shareholders to participate in the Company's strategic initiatives and contribute to its ongoing projects and developments.